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Home > Procurement > Job Aids > Closing a Contract (CT)
Process
This job aid describes the process to close out a Contract.
Note: A cancellation pertains to transactions that have no payment activity associated with them. If any transactions (i.e.: IN, RE etc.) have referenced the PO, please refer to the job aid for Closing a Contract (CT).
1. In the Global Navigation Field, search CT
2. Complete the following fields:
Enter the Transaction Dept
Enter the Transaction ID
click Search.
3. Select the Transaction ID link to open the Contract to close out.
Note - Transaction Phase should be Final.
4. To Modify the Contract:
Click the 3-dot menu located at the top right of the screen
Select Modify.
5. Navigate to the Header tab
6. Scroll down to the Modification section:
Type "Close Out Contract” in the Reason for Modification description field.
7. Click Save.
8. Navigate to the Commodity tab and click the carat to expand the line item.
9. Changing the Quantity or Contract Amount of the Contract:
If the Line Type is for an Item:
Enter a new Quantity in the Quantity field. The quantity amount should equal the number of actual items received.
If Line Type is for Service:
Enter a new amount in the Contract Amount field. The amount should be equal to the amount invoiced.
10. Click the Recalculate Accounting Lines button
11. Click Validate.
Review and correct any errors
12. Click Submit.
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